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Opinion Contributor

Letter to the editor

That sentiment has been embraced across the political spectrum, with lawmakers on both sides of the aisle voicing support for this market-based solution. “This settlement is a move toward more economic freedom,” said Rep. Barney Frank (D-Mass). “Our legal system is often in a better position than Congress to resolve disputes of this kind, and I view the recent settlement as an important step forward for these two key industries,” Sen. Jerry Moran (R-Kan.) remarked.

Rep. Jeb Hensarling (R-Texas) agreed. “When antitrust concerns arise, they should be adjudicated in the courts, as is being done in the current proposed settlement negotiations, and not in the halls of Congress.”

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Even during the height of the debit interchange debate, many legislators recognized that having the parties settle the issue themselves was far superior to government price controls that enrich one industry at their own customers’ expense. Sen. Mike Enzi (R-Wyo.) put it best: “Banks and credit unions must come to the table with retailers and merchants to find some middle ground. It would be more workable if bankers and retailers could negotiate an agreement.”

After seven years of negotiations, that’s exactly what has happened. The parties have come together and reached an agreement that Sen. Mark Lee (R-Utah) said “will allow credit card companies and retailers to get back to work serving consumers.”

We couldn’t agree more. For the sake of consumers and the broader economy, it’s time to put this matter to rest once and for all. Retailers and their surrogates may continue to parade out half-truths that deny that anything bad has come from government price controls, but don’t be deceived. It’s a bad deal all around.

Frank Keating is president and CEO of the American Bankers Association and former two-term governor of Oklahoma.

Readers' Comments (4)

Obama 2007 Katrina speech sparks fresh controversyNo one has mentioned what they will do to raise the employment or may be I missed that part Tell me are we really interested? in this Claiming he’s the true champion of a middle class that’s being “crushed” under President Obama, Mitt Romney went straight at the president Wednesday in the first debate of the campaign, saying his four years in office have doubled the deficit and left the economy gasping. Mr Obama countered that Mr Romney is hiding key parts of his plans from voters, but said from what he’s seen, the Republican nominee would take government back to Bush administration policies that led to the 2008 recession. Mr Obama said he’s done what he could in his first four years — rescuing the auto industry and beginning to add jobs — but quickly shifted, saying he wants to look forward, not backward. “We all know that we’ve still got a lot of work to do. And so the question here tonight is not where we’ve been, but where we’re going,” he said. “Governor Romney has a perspective that says if we cut taxes, skewed towards the wealthy, and roll back regulations, that we’ll be better off.” Like challengers before him, Mr Romney benefitted from being on the same stage as the president in the 90-minute sparring match, broadcast to a national audience, that underscored the deep policy differences between the two men — probably the biggest divide between presidential candidates in a generation. “At some point, I think the American people have to ask themselves, is the reason that Governor Romney is keeping all these plans to replace secret because they’re too good? Is it because that somehow middle-class families are going to benefit too much from them?” he quipped. As the debate began, the two men shook hands and exchanged what appeared to be friendly words. Se the dirty politics IR SEEMS I thank you Firozali A.Mulla DBA Ten thousand grateful people jammed Sunday's enormous tabernacle to hear him announce the death of liquor and reveal the advent of an earthly paradise. 'The reign of tears is over,' Sunday proclaimed. 'The slums will soon be only a memory. We will turn our prisons into factories and our jails into storehouses and corncribs. Men will walk upright now, women will smile, and the children will laugh. Hell will be forever for rent.' "A similarly grandiose note was sounded by the Anti-Saloon League, the mightiest pressure group in the nation's history. No other organization had ever changed the Constitution through a sustained political campaign; now, on the day of its final triumph, the ASL declared that 'at one minute past midnight ... a new nation will be born.' "

By the age of 10 my dad put me to work in his store. I`ve been in business or sales most of my career. I`ve never seen a larger collection of baffoons and idiots running American businesses than today. The "Golden Parachute" mentality of these jerks give them license to play with the future of shareholders and employees alike. They often can destroy an entire community with a hand shake.

Without controls, we would be right back into the era of monopolies. Big business would undercut small business, and eventually lead to limited competition. Then the monopolies can take advantage of the public. ATT did that, and the big banks are crying about regulation because they now have limits.

It nice to know that someone here actually understands a free market. rgdeliveryguy seems to be mistaken about monopolies. The government is the only form of a monopoly. In a free market economy you can find several companies to do business with. When price setting kicks in only the businesses that are buddy-buddy with politicians survive it’s called cronyism and corporatism. Look those words up before you bemoan capitalism. We have never tasted a true capitalistic/free market government. We are close but first we have to get the government out of everything but the only purpose that it was founded for. That was to protect the rights of the people. Anything else results in the sacrifice of liberties.